Ms Seana Cunningham:

The Central Bank is part of the anti-money laundering steering committee which is chaired by the Department of Finance and the constituent members of that committee include CAB, as well as An Garda Síochána, the Department of Justice and Equality, the Central Bank and others. We all play a role in the framework and our role is specifically in the supervision of how credit and financial institutions comply with anti-money laundering requirements. It is about institutions knowing who their customers are, understanding their customer profiles, monitoring the way accounts are used and, fundamentally, making reports of suspicions to An Garda Síochána and the Revenue Commissioners. An Garda Síochána and the Revenue Commissioners then investigate money laundering or terrorist financing. We carry out supervision on a risk basis and have a high degree of engagement with the banking sector over its compliance with anti-money laundering rules and with regulations to counter terrorist financing. We work very closely with An Garda Síochána, whose members also work with the banks to ensure the latter report suspicions and ensure the force can carry out effective investigations into money laundering.